Larger growth in Greece in 2017

Larger growth in Greece in 2017

Thanks to revised data, the 2017 growth rate in Greece was better than initially calculated, said the Greek Statistical Authority (ELSTAT), with Greek GDP increased by 1.5% compared to 2016 and with an increase of 1.4 % announced in the first estimate in March 2018. Apparently, this creates better conditions for this year, that the original target is set at 2.1%.

With regard to official figures, final consumption expenditure in 2017 in terms of volume, increased by 0.6% compared to 2016, compared with a 0.2% decrease announced in the first estimate in March 2018.

Imports of goods and services for the year 2017 in terms of volume increased by 7.1% compared to 2016, compared with an increase of 7.2% announced in the first estimate in March 2018.

Exports of goods and services in the year 2017 in terms of volume increased by 6.8% compared to 2016, compared with the same increase of 6.8% announced in the first estimate in March 2018.

Over € 2 billion invested in R & D

At the same time, data showcase that last year, research and development investment in Greece exceeded 2 billion euros. This is the evidence proving the rise of the Greek economy. In particular, the share of R & D expenditure on GDP was set at 1.14% in 2017, according to preliminary data published yesterday by the National Documentation Centre.

Continuing the growth of recent years, spending on R & D in 2017 in Greece was 2,033 million euros, 15.9% higher than in 2016. The R & D intensity, which represents R & D expenditure as a percentage of GDP, rose by 0.13 percentage points to 1.14%, from 1.01% in 2016.

On the basis of the new data, Greece is ranked in the 19th place among the 28 EU member-states, now closer to countries such as Ireland and Spain…. / IBNA